Algiers Energy Forum ‘Good Chance’ to Find Way to Stabilize Oil Markets

The upcoming International Energy Forum in Algiers is a good opportunity of global oil markets stabilization, Kuwait's acting oil minister, Anas Khalid Saleh, told Sputnik.

MOSCOW (Sputnik) — The upcoming International Energy Forum in Algiers will be a good chance for the international market players to discuss the establishment of a platform to help stabilize global oil markets, Kuwait's acting oil minister, Anas Khalid Saleh, told Sputnik.

Saleh confirmed that Kuwait was going to participate in the 15th International Energy Forum to be held in September.

"I will participate in this important meeting… We believe that the meeting is a good opportunity to carry out meaningful dialogue and trace the development of the situation on the market with a view to finding common ground to help stabilize the markets," the official said, when asked about the possibility of reaching a deal to freeze oil outputs in order to stabilize the markets.

According to Saleh, the forum will serve as an opportunity to develop "important recommendations" regarding the energy field, considering the fact the CEOs of energy firms and government ministers will be in attendance.

Global oversupply and stagnating demand have caused oil prices to plunge from $115 per barrel in June 2014 to less than $30 per barrel in January 2016. Prices recovered amid Nigeria and Venezuela's output outages and growing demand in May, peaking at over $50 per barrel in early June.

The 15th International Energy Forum is set to be held in the Algerian capital on September 26-28. Ministers, senior officials, CEOs, international organizations and experts from 73 countries are set to attend the forum.